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Article: PNG'S INTERNAL REVENUE COMMISSION PREDICTS DROP OF US$0.5 BLN.
- Article from:
- AsiaPulse News
- Article date:
- February 24, 2009
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PORT MORESBY, Feb 24 Asia Pulse - Papua New Guinea's (PNG) Internal Revenue Commission (IRC) has revealed that its expected tax revenue has dropped by K1.5 billion (US$0.5 billion) from last year, reports Post Courier.
This year IRC projected the tax revenue to be K4.6 billion (US$1.6 billion ) decreasing from last years tax revenue which was projected at K6.1 billion.
Statistics provided by the IRC on its central government revenue and grants data shows that the total revenue of the country dropped by 26.7 per cent on its projections for last year.
IRC Commissioner General Betty Palaso said the drop in the tax revenue was because of the global ...